Paying with cash: beneficial or not?
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Hey there, time traveller!
This article was published 18/02/2025 (291 days ago), so information in it may no longer be current.
When shopping in-store, consumers often prefer to use credit and debit cards. However, as some herald the decline of cash payments, others are committing to using physical currency. Whether it’s a matter of habit or principle, is there a benefit to paying with cash?
ADVANTAGES
Although it may seem outdated, there are still plenty of great reasons to use cash for your purchases. With cash, you won’t have to worry about equipment failure or downtime, saving you from fees and interest. Plus, you’ll be spending only the money you actually have instead of borrowed funds.
Additionally, cash transactions are free of charge for merchants. Financial institutions charge businesses fees to handle card transactions. It’s also important to note that payment terminals and the contactless function also entail certain costs. Because of these expenses, some merchants have started offering discounts to customers to encourage them to pay with cash.
DISADVANTAGES
That said, cash transactions don’t enable you to establish a credit history, which could affect your ability to obtain loans or a mortgage. Online or remote purchases using cash may be challenging or even impossible. Moreover, visiting a physical counter can be a hassle for consumers.
The verdict? Paying cash has both pros and cons. Take a moment to reflect on your spending habits and be open to switching up your payment methods.
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